57% of UK adults using mobiles for payments

HALF of UK adults used mobile contactless payments regularly last year, while cash accounted for less than 10% of payments for the first time, according to a banking and finance industry body.

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Cash made up 9% of payments in 2024, down from 23% in 2019 and 48% in 2014, UK Finance said. Its report said that more people are using their phones, watches or other mobile devices to manage money and make purchases, with 57% of adults being registered to use mobile wallets last year, up from 42% in 2023.

The report said: “In terms of the total population, 50% were using mobile contactless payments at least once a month in 2024.